§ 5930i - Credit allocation - Vermont Statutes

§ 5930i. Credit allocation

(a) Credit as calculated in this subchapter to a person who is a partnership, limited liability company, subchapter S corporation, or trust, shall be available to a partner, member, shareholder, or beneficiary required to pay Vermont income tax in the same proportion as the income of the person is allocated to the shareholder, partner, member or beneficiary.

(b) The amount of credit available to such partner, member, shareholder or beneficiary shall be no more than 80 percent of the person's precredit Vermont income tax attributable to the allocated income from the business eligible for the credit.

(c) Any credits available to a corporation pursuant to subsection 5930h(a) of this title shall be transferred to the shareholders of the corporation in the first year in which the corporation elects to file as an S corporation. The credits shall be available to the shareholders in the year of the election and shall be available for the same years as the credits would have been available to the corporation. (Added 1997, No. 71 (Adj. Sess.), § 48, eff. March 11, 1998; amended 2003, No. 67, § 21a; 2005, No. 184 (Adj. Sess.), § 4, eff. Jan. 1, 2017.)